After a small pause, gold started its rally again and hit the two-week high on renewed safe haven demand globally.
The yellow metal on Monday gained by ₹2,341 per 10 grams to ₹1,22,441 against ₹1,20,100 logged on Friday following the firm trend in the US market after the weak sentiment and jobs data.
Silver was up by ₹3,368 a kg at ₹1,51,643 per kg against ₹1,48,275 on Friday on growing industrial demand.
Prithviraj Kothari, President, India Bullion and Jewellers Association and Managing Director, RiddiSiddhi Bullions said
the worries on the US economy intensified even as the Bill to reopen the federal government to end the 40-day shutdown was on the verge of being approved by the US Senate.
Markets are still divided on whether the US Federal Reserve will lower interest rates in December. As of Friday, traders are pricing in a roughly 67 per cent chance of a quarter-point cut, he said.
Gold prices have finally broken out of their consolidation range today, above $4,050 (₹1,22,000) and the next target resistance will be at $4,150 (₹1,24,500). Silver prices have finally broken out of their consolidation range above $49 (₹1,50,000) and the next target resistance to look for is $50.80 (₹1,55,000), he said.
Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities said the Comex gold touched $4,075 an ounce as weak dollar cues and positive sentiment following the reopening of the US government lifted prices.
The focus now shifts to key inflation data — CPI and Core CPI in the US, and CPI & WPI inflation data in India — which will guide short-term market direction, he said.
Rupee volatility between 88.45–89.50 could add to fluctuations in MCX gold. The broader trend remains positive, with price expected to move within a range of ₹1,22,000–₹1,24,500, he said.
Sandip Raichura, Executive Director & CEO (Broking and Distribution), PL Capital said gold is a long term uptrend and will head to $4800 an ounce though near term headwinds such as an end to US tariff war, peace returns between Ukraine-Russia and US Dollar strengthens against major currencies.
However medium-term, he added it is better to add gold for diversification in the portfolio as the de-dollarisation trend is firmly under way and the all-time high equity markets can correct anytime without warning.
Published on November 10, 2025
